Anil Singhvi strategy March 8: Key market triggers, important levels to track in Nifty50, Nifty Bank

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,550-17,600 levels on Wednesday, March 8 as investors return to trade after the Holi market holiday. He expects a strong buy zone for the 50-scrip headline index in the 17,425-17,500 band. 

For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging in the 40,900-41,000 area, and a strong buy zone in the 40,600-40,775 range. 

Here's how Anil Singhvi sums up the market setup on March 8: 

• Global: Negative

• FII: Positive

• DII: Positive

• F&O: Neutral

• Sentiment: Neutral

• Trend: Negative

For the 50-scrip headline index, he expects a higher zone at 17,675-17,750 levels and a profit-booking zone at 17,775-17,850 levels.​ For the banking index, he sees a higher zone at 41,250-41,375 levels and a profit-booking zone in the 41,500-41,675 band.

Ail Singhvi points out short-term bottoms in Nifty50, Nifty Bank

Singhvi believes short-term bottoms remain intact for the Nifty50 at 17,250-17,350 levels and for the Nifty Bank in the 39,600-39,900 band.

"Today’s closing would be very crucial," he said, adding that the Nifty50 and the Nifty Bank must hold 17,600 and 40,700 levels at the end of the day.

• FII index longs at 26 per cent on Wednesday vs 23 per cent on Monday 
• Nifty put-call ratio (PCR) at 1.12 vs 1.17
• Nifty Bank PCR at 1.00 vs 1.28
• Fear index India VIX up one per cent at 12.27

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

• Nifty50 intraday and closing stop loss at 17,575
• Nifty Bank intraday stop loss at 41,000 and closing stop loss at 40,700

For existing short positions:

• Nifty intraday and closing stop loss at 17,800

• Nifty Bank intraday and closing stop loss at 41,700

For new positions in Nifty:

• Sell Nifty with a stop loss at 17,800 for targets of 17,650, 17,600, 17,550, 17,525, 17,500 and 17,465

• Buy Nifty in the 17,465-17,550 range with a stop loss at 17,400 for targets of 17,600, 17,650, 17,675, 17,725, 17,775 and 17,800

For new positions in Nifty Bank:

• Sell Nifty Bank with a stop loss at 4,1700 for targets of 41,250, 41,000, 40,900, 40,775, 40,700 and 40,600

• Buy Nifty Bank in the 40,600-40,800 range with a stop loss at 40,500 for targets of 40,900, 41,000, 41,125, 41,250, 41,350 and 41,500

No stock in F&O ban

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